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by 10/6/2000 3:37 PM
Stocks quoted in this article:
One of the lone positive indices in late-afternoon trading is the PHLX Utility Index (UTY – 355.29). The UTY has elevated by just under six points, as the index is poised to end its three-session losing streak. The UTY remains below its 10-day and 20-day moving averages, but it is above all of its key intermediate-term and long-term trendlines.

Components sending the index higher today include Dominion Resources (D – 53-11/16), up 5.2 percent; PG&E Corp. (PCG – 24-11/16), up 4.5 percent; and Entergy (ETR – 35-3/4), up 4.1 percent. D agreed to sell $948 million in commercial loans to General Electric's (GE – 58-1/16) Capital unit for an undisclosed sum.


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by 10/6/2000 3:18 PM
Stocks quoted in this article:
New "buy" coverage from a brokerage firm hasn't been enough to stop Sanmina's (SANM – 88) slide today. The stock is off over six percent in late trading. The shares have recently rolled over, falling 27 percent from their September 5 record high. The equity is poised to close below its 20-week moving average for the first time since mid-May.

Options players appear to be looking for a continued downtrend as evidenced by put adds this week. Since last Friday, put open interest has increased by more than 4,900 contracts, or 40 percent, while call open interest has increased by only 1,800 contracts, or six percent. This option activity has resulted in an increase of SANM's Schaeffer's put/call open interest ratio (SOIR) from 0.39 to 0.52.
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by 10/6/2000 3:10 PM
Stocks quoted in this article:
In today's broad bloodbath, BroadVision (BVSN – 18-1/16) has sliced almost 10 percent to reach its lowest level in almost a year. Since an all-time high in early March, the stock has tumbled over 80 percent.

Despite the equity's collapse, the call side is seeing most of the action today. The November 22-1/2 call has logged volume of over 1,400 contracts on open interest of just 310 contracts. Over 800 contracts have crossed the tape on the December 17-1/2 call, which has open interest of only six contracts. The December 50 call, which has open interest of 2,667 contracts, has seen over 1,000 contracts trade today. <
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by 10/6/2000 3:01 PM
Stocks quoted in this article:
The veritable cornucopia of bad news is continuing for beleaguered Internet name priceline.com (PCLN – 5-1/16). To recap: on September 27, the shares tumbled around 40 percent on news that the company's third-quarter revenue would fall short of expectations by as much as $40 million. Then yesterday, the stock recoiled 38 percent after PCLN announced it would be losing its grocery and gasoline operations.

Today, PCLN is severely in the red again, dropping 13 percent and recording another annual low at 4-5/8 earlier today. It was announced earlier that an attorney has filed suit in a federal court on behalf of several shareholders. The plaintiffs are asserting that PCLN knew about its third-quarter shortcoming ahead of time and should have disclosed the information earlier. Adding insult to injury, the equity was downgraded at Credit Suisse First Boston this morning before the open.
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by 10/6/2000 1:57 PM
Stocks quoted in this article:
Taco Cabana (TACO – 7-29/32) operates around 120 Mexican eateries in Texas and four other states. The chain is on the market's radar today, as its shares have rocketed 90 percent to a 52-week high. Volume is unprecedented, as 2.35 million TACO shares have changed hands. The three-month average daily volume for the stock is 98,500 shares.

Moving the stock today is news that Carrols is purchasing the chain for $105 million, valuing TACO at $9.04 per share. Carrols will also absorb $42 million of TACO debt.

Prior to today, TACO shares had been languishing in a tight range between the 4-1/8 and 4-7/8 levels. The equity had been perched in this range since late July.
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